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Intraday Trading Signals on Deriv MT5
The MT5 trading signals service allows you to copy the trades of more experienced traders to your MT5 account.
Once you’ve subscribed to a signal, the provider’s deals will be automatically replicated on your Deriv MT5 trading account each time they place a trade.
Then you won’t have to do anything in your account, but it will start trading every day.
How to subscribe to an MT5 signal?
1. Click on the Signals tab
Go to your MT5 desktop app terminal and click on the Signals tab to view the list of signal providers.
2. Subscribe to a signal provider
Select the signal provider you prefer and click the Subscribe button.
3. Configure the parameters
Configure your trading and risk management parameters. Then click OK to complete the process.
MT5 trading signals subscriptions expire automatically after one month.
For a wider selection of signal providers for Deriv, go to MQL5 showcase page and search for Deriv under the Broker server field.
Intraday trading: secrets of success
Intraday trading in the Forex market. What is it?
Opinions on this matter among traders and analysts who are in any way connected with trading in the markets differ.
Let’s try to understand what it is and whether the game is worth the candle before start receiving Intraday Trading Signals.
The benefits and shortcoming of intraday trading
- Independence from global news affecting the markets
- When the markets collapse, an intraday trader will close or open an opposite position, while a long-term trader can count on a deep correction and further continuation of the movement.
- Low risk when certain rules are followed
- Another important factor is the use of a small deposit. Potential profit is achieved by a large number of transactions with Intraday Trading.
- A trader has to devote a lot of time to the market
- Not everyone is able to cope with the psychological burden of constantly changing prices on the chart. Lack of preparation leads to mistakes and loss of control over their actions.
Let’s try to understand the fundamental truths that will help the intraday trader become more successful and take his trading, let’s say, to a new level.
The perfect entry point in Forex?
One of the misconceptions of traders is a careless attitude to the psychological factors in trading.
Archimedes said: “Give me a place on which to stand, and I will move the earth.”.
Naturally, no one gave it to him. And everyone agrees with this fact. Most traders scream: “Give me an entry point and I’ll be rich!” And they absolutely do not want to agree with the fact that the ideal entry point simply does not exist, as well as the support to raise the Earth.
There are certain rules, under which intraday trading in the Forex market can generate potential income.
So, let’s begin.
The first rule is the choice of timeframe
For intraday trading, hourly charts are ideal.
The H1 timeframe contains much less market noise no matter what trading style you use, be it support or resistance levels or indicators.
Also, for the psychological state of the trader, this is not such a burden as constantly changing prices in the eyes, leading to mistakes and hasty decisions in opening or closing transactions.
Not quantity, but quality
You must follow at least some system of rules that has a foundation.
Indicator, candlestick setup or levels. We’ve all heard the saying, “Water Wears Away the Stone”.
One trade will not make you rich, but a few high-quality trades without constant changes in the rules and jumps from one strategy to another can lead to an increase in the deposit.
You have decided on a trading strategy and tested it on history.
Now it’s up to the small thing – to follow its rules.
Number of instruments to trade
Intraday trading requires clear and fast action.
There is not much time to make a decision. A large number of instruments disperse the trader, as a result, a signal is missed, and as a result, a jump into the outgoing “train”.
And that’s not a very good idea. Pick up a few tools, focus on them, their behavior and the news background, what and how affects their movement.
Become a pro with these tools.
Risk no more than 1–2% of the deposit
Someone will say 1-2% is very little. Of course, not enough, because the profit will be less.
But for a trader, the priority should be a stable growth of the deposit, and not a drain at the first loss.
When trading intraday, a trader faces a very large psychological burden: if you endure a series of losing trades at a risk of 10–20%, the deposit decreases very quickly.
There is a desire to redeposit. You are overwhelmed with emotions, which leads to rash decisions and further losses.
You must be prepared to lose the percentage you set.
There must also be confidence that if you lose this percentage, you will not worry too much and open transactions with a large volume in the hope of breaking even.
Take what you can. After all, the main goal in trading is not to earn a lot, but consistently.
Money Management is a topic for a separate article, and even an article is not enough. And you can’t ignore it!
Even the best strategy will be unprofitable if the risks are not properly managed.
News-release and reasons for the price movement
During the day, the output of various reports, such as unemployment rate, various indices, and others, is of great importance.
Most of these news are not able to set a trend for a currency pair, but are able to create a trend break.
The stops set by the trader are not always able to withstand this, and as a result, a large number of losing trades.
Every self-respecting broker uses the calendar of economic events.
When trading intraday, it is worth looking into it in the morning, marking important events and refraining from opening deals during these hours.
The second rule is limiting the amount of losses
There are days when we can observe abnormal volatility in a currency pair, but it is always worth taking the average.
If you limit your daily loss to, say, 50 pips, then calculate how long your account can hold.
And the market changes: profits follow losses, and vice versa. And how sad it is when you see the situation on the chart – your strategy would bring you profit, but when the account is already empty.
It’s more about limits and self-discipline. If the daily volatility of a currency pair is 50-70 points, then you should not aim at 100-150 points.
A very gross mistake of intraday traders: if trading is conducted within the day, why should the signal received on the hourly chart set a trend in your direction even tomorrow.
This is a completely different strategy, with different rules, entry points, etc.
In conclusion, it can be noted that for a trader trading intraday, discipline and compliance with the rules are important.
Simply following the above rules will allow you to trade and provide an opportunity to make a profit.
Start with Deriv’s MT5 – Intraday Trading Signals
All of the above advices can be followed and mistakes can be avoided just by simply following Intraday Trading Signals on Deriv MT5.
You want to invest in Forex but don’t know where to get started?
Then start with the Intraday Trading Signals of Deriv MT5 today.
Are you tired of staring at price charts all day and struggling to make profits?
Then Intraday Trading Signals of Deriv MT5 maybe the solution.